Low-cost airline Jet2 upgrades full year outlook after posting record interim figures
Low cost carrier Jet2 has reported a 14% jump in profits after year-on-year revenues rose by around £678million over the past six months.
The firm, which is one of four airlines to run a permanent operating base at Birmingham Airport, says it has delivered record half-year performance in terms of passenger numbers, revenues and profitability according to its latest update, published earlier today.
In the six months ended 30 September, group operating profit increased 14% year-on-year to £701.5m and group profit before foreign exchange(FX) revaluation and taxation increased 16% to £772.4m.
The firm took delivery of ten new Airbus A321 aircraft in the period, and the firm's interim results say increases in total cash and money market deposits of 12% to £3,596.4m are set to provide a "solid foundation" for increasing gross capital expenditure in new aircraft over the coming years.
Jet2 says it's currently on track to deliver over expected group profit before FX revaluation and taxation for the year ending 31 March 2025.
"We are delighted to have delivered another record financial performance during the first half of the year. This result continues to demonstrate that our end‐to‐end package holidays and scheduled holiday flights, underpinned by our Customer First approach, remain popular and resilient products," said Steve Heapy, Jet2 plc Chief Executive Officer.
"I would also like to thank our amazing Colleagues who have helped deliver this result and who are ambassadors of our People, Service, Profits guiding principles and who continue to deliver award winning, sector leading customer service on a daily basis.
"Even in difficult economic times, the annual overseas holiday remains a highly valued and eagerly anticipated experience, often taking precedence over other discretionary spend. As a result, we are confident that our proven business model ‐ anchored to delivering a fantastic customer service with a well‐established, trusted holiday brand ‐ offers customers a compelling value proposition.
"With our extensive product range, appealing flight times and truly variable duration holidays, customers have plenty of choice and flexibility to be able to tailor their holiday plansto meet their individual budgets.”
